Your home may be repossessed if you do not keep up repayments on your mortgage.

Getting a mortgage isn’t an easy process, so to help make you more mortgageable we have some tips to help put you in a more favourable position with lenders.

Check your credit report

We recommend checking this a few months before applying to ensure everything is as it should be. Your credit report shows lenders your financial history and just how credible you are (or not). If there are any errors on it these should be corrected before applying for a mortgage.

Debts

If you have any outstanding debts try and clear these if possible, and do not take out any further credit before applying for a mortgage. Outstanding debts affect how much you will be able to borrow as the lender will take these into consideration when looking at your financial commitments.

Deposit

Large deposits usually open access to better rates of interest. This is because the more equity you have the lower the risk you are to the bank.

Do not miss any payments

This is one of the worst things to do as missed or late payments will show on your credit file and make you look very risky to lenders.

Electoral Roll

Ensure you are on the electoral roll as lenders use this information to check you are who you claim to be. Not being registered may affect your chances of getting a mortgage.

Do not change jobs

If you were considering changing jobs it would be worth your while to wait until after your mortgage application has been approved. Job security is an important factor when considering applicants so those who have been in the same job for a while look less risky.

Make sure you have all required paperwork

Your lender will expect to see payslips for 3-6 months, bank statements, P60, passport and proof of current address such as a utility bill. Make sure you have all the documents required.

Get professional help

A whole of market mortgage advisor can make the mortgage process a lot easier. They can find you the right mortgage and the right lender that best suits your circumstances and needs.